Are Robust Financials Driving The Recent Rally In Shandong Dawn Polymer Co.,Ltd.'s (SZSE:002838) Stock?
Are Robust Financials Driving The Recent Rally In Shandong Dawn Polymer Co.,Ltd.'s (SZSE:002838) Stock?
Shandong Dawn PolymerLtd (SZSE:002838) has had a great run on the share market with its stock up by a significant 21% over the last month. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. Specifically, we decided to study Shandong Dawn PolymerLtd's ROE in this article.
山东黎明股份有限公司(上海证券交易所股票代码：002838)在过去的一个月里股票大幅上涨了21%，在股票市场上表现出色。由于市场通常为公司的长期基本面买单，我们决定研究公司的关键业绩指标，看看它们是否会影响市场。具体地说，我们决定在本文中研究山东黎明聚合有限公司的净资产收益率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。简而言之，它衡量的是一家公司相对于股东权益的盈利能力。
See our latest analysis for Shandong Dawn PolymerLtd
查看我们对山东黎明聚合体有限公司的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Shandong Dawn PolymerLtd is:
因此，根据上述公式，山东黎明聚合体有限公司的净资产收益率为：
11% = CN¥247m ÷ CN¥2.2b (Based on the trailing twelve months to December 2021).
11%=2.47亿元×22亿元(基于截至2021年12月的12个月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each CN¥1 of shareholders' capital it has, the company made CN¥0.11 in profit.
“回报”指的是企业在过去一年中获得的收入。将其概念化的一种方法是，公司每持有1元人民币的股东资本，就会获得0.11元的利润。
What Is The Relationship Between ROE And Earnings Growth?
净资产收益率与盈利增长之间有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止，我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司选择再投资或“保留”多少利润，我们就能够评估一家公司未来产生利润的能力。一般来说，在其他条件相同的情况下，股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Shandong Dawn PolymerLtd's Earnings Growth And 11% ROE
山东黎明聚合物有限公司盈利增长和11%的净资产收益率
To start with, Shandong Dawn PolymerLtd's ROE looks acceptable. Further, the company's ROE is similar to the industry average of 10%. This probably goes some way in explaining Shandong Dawn PolymerLtd's significant 41% net income growth over the past five years amongst other factors. We believe that there might also be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
首先，山东黎明聚合有限公司的净资产收益率看起来可以接受。此外，该公司的净资产收益率(ROE)接近10%的行业平均水平。这可能在一定程度上解释了山东黎明化工股份有限公司过去五年净利润大幅增长41%的原因以及其他因素。我们认为，可能还有其他方面正在积极影响公司的收益增长。例如，公司管理层可能做出了一些良好的战略决策，或者公司的派息率较低。
As a next step, we compared Shandong Dawn PolymerLtd's net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 19%.
下一步，我们将山东黎明聚合有限公司的净收入增长与行业进行了比较，令人欣喜的是，我们发现该公司看到的增长高于行业平均增长19%。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is Shandong Dawn PolymerLtd fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是评估一只股票时需要考虑的一个重要指标。投资者下一步需要确定的是，预期的收益增长是否已经计入了股价。通过这样做，他们将知道股票是将进入清澈的蓝色水域，还是等待沼泽水域。与其他公司相比，山东黎明聚合有限公司的估值是否公平？这3个估值指标可能会帮助你做出决定。
Is Shandong Dawn PolymerLtd Efficiently Re-investing Its Profits?
山东黎明聚合物有限公司是否有效地将利润进行再投资？
Shandong Dawn PolymerLtd has a really low three-year median payout ratio of 21%, meaning that it has the remaining 79% left over to reinvest into its business. So it seems like the management is reinvesting profits heavily to grow its business and this reflects in its earnings growth number.
山东黎明聚合股份有限公司的三年中值派息率非常低，为21%，这意味着它还有剩余的79%用于再投资于其业务。因此，管理层似乎正在对利润进行大量再投资，以增长业务，这反映在其收益增长数字上。
Moreover, Shandong Dawn PolymerLtd is determined to keep sharing its profits with shareholders which we infer from its long history of five years of paying a dividend.
此外，山东黎明集团决心继续与股东分享利润，这是我们从其五年来支付股息的悠久历史中推断出来的。
Conclusion
结论
On the whole, we feel that Shandong Dawn PolymerLtd's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. If the company continues to grow its earnings the way it has, that could have a positive impact on its share price given how earnings per share influence long-term share prices. Remember, the price of a stock is also dependent on the perceived risk. Therefore investors must keep themselves informed about the risks involved before investing in any company. You can see the 2 risks we have identified for Shandong Dawn PolymerLtd by visiting our risks dashboard for free on our platform here.
总体而言，我们觉得山东黎明聚合有限公司的表现相当不错。特别是，很高兴看到该公司在业务上投入了大量资金，并获得了高回报率，这导致了其收益的可观增长。如果该公司继续以目前的方式增长收益，考虑到每股收益对长期股价的影响，这可能会对其股价产生积极影响。记住，股票的价格也取决于感知到的风险。因此，投资者在投资任何公司之前，必须随时了解所涉及的风险。您可以访问我们的网站查看我们为山东黎明聚合物有限公司确定的两个风险风险控制面板在我们的平台上是免费的。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。